CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$22,890.00
  • ethereum
    ETH$1,648.45
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » FTX CEO Sam Bankman-Fried Weighs in on Russian Sanction Violations

    FTX CEO Sam Bankman-Fried Weighs in on Russian Sanction Violations

    Author: Chayanika Deka

    Last Updated Mar 7, 2022 @ 15:53

    FTX CEO Sam Bankman-Fried believes the sanctions imposed on Russia have made it difficult for them to access digital assets.

    As the war continued to rage, ruble-denominated Bitcoin values rose sharply. Authorities are now looking for ways to minimize use in dodging financial sanctions. And while the recent activity demonstrated that a collapsing ruble might be driving Russians into Bitcoin, FTX CEO – Sam Bankman-Fried – believes the sanctions have made it difficult for them to access digital assets.

    “Russia Itself Is Almost a Little Bit of an Exception”

    In the latest interview with CNBC, SBF acknowledged witnessing an enormous amount of digital asset activity happening out of Ukraine over the last few weeks. He also cited the need for a stable source of value in addition to the concerns over the existing fiat system as the reasons for the surge. While talking about Russia, the exec stated,

    “I think Russia itself is almost a little bit of an exception to that because of the sanctions imposed that have made it difficult for people to access digital assets as well as anything else. But I think in surrounding areas, we have definitely seen an uptick in activity.”

    SBF in Sanctions Evasion in DeFi Sector

    Many crypto-asset trading platforms and exchanges have resisted several calls to block Russian users as a whole. At the same time, the mainstream financial system has moved to completely isolate Russia by cutting it off from the SWIFT international payment system. As a result, financial institutions of the country, such as banks, are the worst hit as the decisions limited their capacity to leverage their reserves of foreign currency.

    Decentralized finance (DeFi) is yet another route through which Russian oligarchs may obscure crypto transactions, as noted by many experts. However, FTX CEO believes that with blockchain tech underpinning the decentralized systems, AML, KYC checks, and anti-sanctions evasion activity happening, violations may not be easy.

    He also said there are software tracking tools that detect fiat movements in the digital asset ecosystem.

    ADVERTISEMENT

    “You can trace through what happened in DeFi systems and often – where this ends up getting to – where people are attempting to get their fiat currencies into the digital assets ecosystem in the first place or where they are looking to cash out and that acts as a barrier between the cryptocurrency world and the traditional financial ecosystem. There is a ton of AML and KYC checks and anti-sanctions evasion activity happening around there.”

    Several measures are being taken by western authorities as well as its allies to close loopholes. As reported by CryptoPotato, Japan’s financial regulator is eyeing to ensure that these financial sanctions are carried out effectively.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • FTX
      FTX Valuation Hits $32 Billion Following a $400 Million Funding Round: Report
    • FTX
      FTX Launches $100M+ Humanitarian Fund For Investments And Grants
    • SamBankmanFried
      FTX's Sam Bankman-Fried: Solana Is Better Than Other Blockchains Despite Multiple Outages
    Tags: DeFi FTX Exchange Sam Bankman-Fried (SBF)
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Chayanika Deka
    More posts by this author

    Chayanika has been working as a financial journalist for three years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm. Contact:Linkedin

  • bitcoin
    BTC$22,890.00
  • ethereum
    ETH$1,648.45
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!